Newport Beach homebuilder William Lyon Homes announced Monday that it expects to raise as much as $208.8 million from its proposed sale of shares on the New York Stock Exchange, using the cash to buy land and for further expansion.

No date has been set for the sale. But Monday’s announcement provided additional details about a plan first unveiled in early April.

Company filings said Lyon Homes plans to issue 8.7 million shares, which are expected to sell for $22 to $24 per share. When combined with existing shares, the sale would increase total outstanding stock to nearly 27 million shares, the filings said.

Assuming the company gets its expected price, the offering would raise $191.4 million to $208.8 million.

Net proceeds are estimated to total $137.7 million after deducting expenses, an underwriting discount and a portion for existing investors that are also selling stock as part of the offering.

The company would use its proceeds in part to buy up to 3,700 lots it currently has under option or has expressed an intent to buy. Together with the 10,682 lots it already owns, that would give Lyon Homes more than 12 years worth of land based on its current sales pace.

The sale also would raise the total value of company stock to $625.6 million, up from $487.9 million as of March 31.

The 57-year-old firm, which builds homes in California, Arizona, Nevada and Colorado, is the latest of at least four private homebuilders to capitalize on the housing recovery to go public.

TRI Pointe Homes of Irvine, founded by former Lyon executives in 2009, ignited interest in stock offerings with its successful stock sale on Jan. 31. Taylor Morrison Home Corp. held a successful stock offering on April 10, and Union Community Partners – a California and Washington state developer – has announced plans to go public.

Although terms of a 2012 Lyon Homes bankruptcy plan required a public offering, the current sale comes as the new-home market is on the rebound.

Thanks to rising home prices and increased sales, the value of homes on order doubled in the past year, the company’s latest filing said. Stock prices for homebuilders also have increased dramatically after a sharp market turnaround in late 2012.

The price of the Bloomberg American Home Builders Index, a composite made up of 20 top U.S. homebuilders, was up 54 percent Monday from the average price in May 2012.

Lyon Homes last went public in the early 1990s, but then went private again in 2006 when the family of company co-founder William Lyon bought back nearly all the outstanding shares. The firm’s total stock value was about $950 million when the Lyon family took the company private.

The Lyon family, which owned nearly 100 percent of the stock in 2006, currently has a 22.1 percent stake in the firm, according to the latest company filing.

As of May 1, Luxor Capital Group LP was the largest shareholder, with a 47.1 percent interest, followed by Paulson Property Management II LLC with a 13.7 percent holding and Colony Capital LLC, which owns 5 percent of the stock.

For more than a decade, Jeff Collins has followed housing and real estate, covering market booms and busts and all aspects of the real estate industry. He has been tracking rents and home prices, and has explored solutions to critical problems such as Southern California’s housing shortage and affordability crisis. Before joining the Orange County Register in 1990, he covered a wide range of topics for daily newspapers in Kansas, El Paso and Dallas. A Southern California native, he studied at UC Santa Barbara and UC Irvine. He later earned a master’s degree from the USC School of Journalism.

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